Until recently, the holy grail was summed up in two words: replacement revenue. Now the jig’s up. No matter how fast you shovel digital dirt into the chasm of print loss, you can’t recreate the past; you can’t fill the hole.

What we all see — newspaper publisher or news agency — is that the bundle is eroding, losing its power. The more we see the bundle losing market share and reaching the end of its lifecycle, the more we have to work on smaller, fragmented products that, not each by each, but overall, can compensate. That’s the strategy.

This reminds me of a phrase that David Weinberger, a fellow at Harvard’s Berkman Center for the Internet and Society and co-author of the book The Cluetrain Manifesto, came up with to describe how the Web works: He called it “small pieces, loosely joined.” One of the things I took from this is the idea that the Web allows for individuals and small groups or entities to have almost as much power as — and in some cases more power than — established players. The barriers to entry, and the barriers to discovery, are so much lower now, thanks to the Web’s “democratization of distribution.”

What will readers pay for other than just a paywall?

In his discussion of what media outlets can do to make a number of smaller bets instead of one or two big ones, Doctor refers to a number of things, including “in-sourcing” — using printing presses and distribution chains to provide services to others who need those skills — as well as providing marketing services outside the traditional newsprint platform. These are also things that Paton has focused on while trying to remake the Journal-Register Co., a chain of papers he took over after it emerged from bankruptcy.

Unfortunately, many traditional media companies simply don’t have the kind of culture that allows for random experimentation or rapid iteration and prototyping: in other words, a startup culture. Some papers such as the New York Times have a skunkworks or research lab, and others such as the Washington Post have experimented with new features such as the Trove recommendation engine or the Facebook social reader. But many of these still feel like afterthoughts or side projects rather than a coordinated plan of attack on multiple fronts. The ones that are trying the hardest always seem to be the digital natives, or the ones with the gun to their head.